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Problem 2 ( 6 points ) Portions of the financial statements for Frontline Company are provided below. table [ [ table [ [

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Problem 2
(6 points)
Portions of the financial statements for Frontline Company are provided below.
\table[[\table[[Frontline Company],[Income Statement],[For the Year Ended December 31,2023],[($ in thousands)]],],[Revenues and gains:],[Sales,$750,,],[Gain on sale of building,11,$761,],[Expenses and loss:],[Cost of goods sold,$275,,],[Salaries,115,,],[Insurance,35,,],[Depreciation,118,,],[Interest expense,45,,],[Loss on sale of equipment,13,601,],[\table[[Income before tax],[Income tax expense]],,\table[[160],[80]],],[Net income,,?bar($80),],[lance Sheet,,],[Year],[,2023,,2022],[Interest payable,2,2,4],[Deferred tax liability,70,,60],[Income tax payable,6,6,9],[Bond discount,185,,205]]
Determine cash inflows/(outflows) from operating activities using the direct method
a. Cash paid for interest (3 points)
b. Cash paid for income tax (3 points)
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